I'd like to be a coin dealer, but...

MrEureka · April 20, 2007 4:58AM

For those collectors that think they would enjoy life more as a coin dealer, what stops you from taking the plunge?

RYK · April 20, 2007 5:00AM

I refuse to eat hot dogs.

guitarwes · April 20, 2007 5:00AM

already too many big-uns out there waiting to eat you for breakfast...

scooter25 · April 20, 2007 5:00AM

I don't know enough yet and I don't have the money to do it. Maybe in a couple of years when I get out of the military I will try it out but we will see.

Longacre · April 20, 2007 5:01AM

I bathe every day.

SilverEagles92 · April 20, 2007 5:04AM

Not enough inventory
Not enough upstart funds
No motivation

Newcomp103 · April 20, 2007 5:05AM

<< Not enough inventory
Not enough upstart funds
No motivation >>

I agree with #1 & 2!

RYK · April 20, 2007 5:07AM

On a more serious note, I would only be interested in being a national dealer or work for a big auction firm. I do not believe that I can support Mrs RYK and the little ones in a manner in which they are accustomed, especially if I have to travel regularly. After all, who is going to feed the little RYKs breakfast and do the dishes if I am out of town?

Besides that, I think that i would suck at it, which is probably the #1 reason I am not and will never be a coin dealer.

Cladiator · April 20, 2007 5:09AM

I honestly don't understand the mystification of being a coin dealer. To tell you the truth, the life of a coin dealer sounds very unappealing to me. I'm glad I'm but a lowly collector.

TwoKopeiki · April 20, 2007 5:11AM

<< I honestly don't understand the mystification of being a coin dealer. To tell you the truth, the life of a coin dealer sounds very unappealing to me. I'm glad I'm but a lowly collector. >>

I'm with you on this one.

NumisOxide · April 20, 2007 5:18AM

<< Not enough inventory
Not enough upstart funds >>

I agree with the first 2. I really just want to stay on the collectors side of the table because if I was a coin dealer I would probably enjoy the hobby less.

mirabela · April 20, 2007 5:20AM

Much of what a certain kind of coin dealer does is work I enjoy, but I love my job as an English teacher. There are not too many things that could pry me loose.

Longacre · April 20, 2007 5:21AM

<< After all, who is going to feed the little RYKs breakfast and do the dishes if I am out of town? >>

You can add dinner to my list of duties. If I just took our restaurant bills per month and plowed them into a start-up coin firm, I would have enough capital to rival a firm like Legend.

Coxe · April 20, 2007 5:25AM

Always have to be in it, like a medical doctor or on-call systems administrator, without the decent money for the most part. The ones that make the money have a good network, outstanding marketing skills, and lots of cash flow. I cannot see someone making it very well without coming up the ropes working for other important dealers for years, especially anymore. The ones who try to become instant coin dealers are pretty much the wannabes. Some of us are collectors who do some dealing to justify the collecting or as a natural exnsion of our involvement. Most of us, to be set apart from the wannabes and real dealers, have a lot of specialized knowledge (often superior to regular dealers) but poor connections and variable marketing skills.

I basically wouldn't want to be a full-time dealer because .... it then becomes a job and not as much fun.

Russ · April 20, 2007 5:31AM

<< already too many big-uns out there waiting to eat you for breakfast... >>

If that were a deterrent to opening a small business, no small businesses would ever be opened. In every field there are large companies that try to eat the little guy for breakfast.

Russ, NCNE

RYK · April 20, 2007 5:35AM

<< 

<< After all, who is going to feed the little RYKs breakfast and do the dishes if I am out of town? >>

You can add dinner to my list of duties. If I just took our restaurant bills per month and plowed them into a start-up coin firm, I would have enough capital to rival a firm like Legend. >>

Dinner is a toss-up. It's either me or California Pizza Kitchen on the hook.

In all candor, it never once occurred to me to be a coin dealer.

Edit to add: When I was a young collector in the 70's, I would look at the Red Book and say to myself, "Some day I want to own a bust right gold coin and a trade dollar and an 18th century coin etc." I never once thought that I would or could become a coin dealer.

guitarwes · April 20, 2007 5:38AM

I know you have a philosophy for all things in life, but I was answering the question.

Edited to say FOR RUSS,

MrEureka · April 20, 2007 5:42AM

In all candor, it never once occurred to me to be a coin dealer.

RYK - Wait until you try to sell your coins back to a dealer. You may get motivated real quick!

Note to HRH: The

thing means I'm kidding. Of course most collectors do well when they go to sell. It's not like collectors actually pay for the dealers' yachts.

RYK · April 20, 2007 5:45AM

<< In all candor, it never once occurred to me to be a coin dealer.

RYK - Wait until you try to sell your coins back to a dealer. You may get motivated real quick!

Note to HRH: The

thing means I'm kidding. Of course most collectors do well when they go to sell. It's not like collectors actually pay for the dealers' yachts. >>

Ouch! That hurt.

Note to HRH: Does this forum exist just to be another opportunity for big shot dealers to take more shots at us lowly collectors?

Pentimento · April 20, 2007 5:47AM

I don't think I could handle all the man-to-man time.

SeaEagleCoins · April 20, 2007 5:51AM

OK...in some ways this might be a bit like "giving away the farm" but here goes anyway...

I collected as a kid and then got distracted by the 60's ... then got back into the hobby in 2001 when I noticed the Buffalo Commem in an ad...got one and was all in...AND BOY DID I MAKE UP FOR LOST TIME!!

Within 2 years I found myself with a full set of Buffs, Walkers, Morgans and 1/4 Eagle Indians...and a WHOLE LOT MORE...had spent way too much $ and had spread out way too far...I needed to pull in the reins and limit my focus...

Soooo...I tried selling a few 'extras' to dealers at a local show and learned real fast that I would literally lose the farm if I continued doing that. Next, I tried Ebay...man, I grew tired of that nonsense real fast...alot of work and alot of hassle and I didn't do much better than selling to dealers...if you consider the time spent and the fees paid.

I went to my friendly local coin shop and whined to him about my dilemma...and he said there was only one solution...get a few lights and a few display cases and sign on at a few local shows...at first I thought he was kidding...how could I become a "DEALER"???

Anyway...I tried it...1st show I did with 2 lights AND NO CASES

...just coins spread out on the table ... folks, don't try that at home...

Over time, things slowly grew and one of the best benefits I have found is the new "access" I have found to nice coins...not only can I acquire nicer coins for better prices...suddenly the dealers who disinterestedly offered me 20% behind bid (or less) for my coins when I was on the other side of the table...now seek to buy my coins AT bid or higher, in some cases.

I also have a respect for the collector...I always try to offer the fairest price when buying and sell for as little as possible and still turn an adequate profit to keep things going.

Now, my collection is limited to my favorite coin...building a nice set of AU Buffs...also, gonna keep a 7070 that will be like some folks' rotating 'box of 20'...just for 'cool' finds along the way.

There are times that it can be frustrating on the sellers end...can't really 'get out' and see the show...and have to deal with all the different folks with all the different tastes (wrong grade, wrong holder, don't want it in a holder, would buy it if it was in a holder, I don't agree with the grade, etc.)...getting up before the sun...crappy food...having to spend so much time with those coin dealers (wink,wink)...

BUT, the good news is, I get to meet alot of nice folks and talk about one of my favorite pastimes and it is more like play than work...if that ever changes, I just might go back to being just a collector...otherwise, I now know how I'll be spending my time when I retire.

BTW...I have a regular full-time job with the VA and do the coins on the side. I'm having fun and as long as that continues, so will I

Veep · April 20, 2007 5:59AM

Right now, the golden handcuffs are keeping me from going full time. My current company pays me too much to leave, with two boys still in college. My little four year old coin business wants to take off. I've had to stomp on the brakes several times to make sure that I was being fair to my employer. Its frustrating not being able to do what I know needs to be done to let it take off. On the other hand, I'd be stupid to say good-bye to the golden goose. In three years, as financial responsibilities lessen, I plan to shed the corporate world and do my own thing.

Why I covet running my own coin business:

1. I love the people that I meet and their stories
2. I love coins
3. I love pursuing the next deal
4. I enjoy studying and learning
5. Complete responsibility for my own success
6. Quick decisions--no committees
7. Long, long days don't bother me a bit
8. I've proven that I can do it successfully

ziggy29 · April 20, 2007 6:17AM

<< For those collectors that think they would enjoy life more as a coin dealer, what stops you from taking the plunge? >>

Right now my job pays too well relative to what I'd get as an entry-level dealer. In 5-10 years I could probably handle the pay cut, but there would still be the pesky issue of relocation.

If in a few years there were a way for me to be in the coin business without a need to relocate (some travel would be okay), I'd be all over it. I rather like where I live now.

richardshipp · April 20, 2007 6:30AM

I'd like to be a coin dealer, but...

.... I don't want to have to travel in my next job too

mgoodm3 · April 20, 2007 6:45AM

About all I'm good for is takin pictures. I suck at business.

BlindedByEgo · April 20, 2007 6:46AM

<< For those collectors that think they would enjoy life more as a coin dealer, what stops you from taking the plunge? >>

Not enough money in it if you don't want to use MS70.

lathmach · April 20, 2007 7:10AM

I'd like to be a coin dealer, but...
I want to go to Heaven when I die.

Ray

ILikeMercs · April 20, 2007 7:13AM

I barely know about Mercs let alone everything else.

tradedollarnut · April 20, 2007 7:19AM

I'd like to be a coin dealer, but...

I can't afford the pay cut...

whohah · April 20, 2007 7:48AM

A dealer is first and foremost in it for business reasons. How can one possibly make sound business decisions when you love the stuff so much??

I know that several of the 'big guys' vent their collecting urge in another arena [QDBowers collects old time coin opperated machines, Chet Krause collects old cars.].

Face it, if you have an opportunity to upgrade your own collection or make a good buck. what'r ya' gonna do??

The dealer may have gotten involved at first for the love of numisma; however, if it is gonna be his [her?] bread-n-butter, there will be many times when business will trump love...

I just wanna love this stuff. I may sell a little to finance my collection, but I don't wanna look at my stuff thinking "Who am I gonna sell this to???"

Unknown · April 20, 2007 8:05AM

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roadrunner · April 20, 2007 8:12AM

Interesting question. I've found that offering to pay more than the next guy for coins (often way more) doesn't get you anywhere. And offering to sell coins to retail clients at wholesale doesn't work either. It appears to me that most retail clients are more comfortable paying full boat to dealers with glitz and frills. They also seem more comfortable selling to them at 2/3 of wholesale. I've never quite figured it out. The nice stuff gets offered to the dealers who often fail to appreciate it and pay the least (such as 10 to 30 cents on the dollar). After a number of dealer to dealer transactions, they finally became available to me at full bid or more.
I always that being over-fair and offering to pay strong money would help steer deals in one's direction. But it doesn't work that way in the majority of cases. Nice stuff rarely finds its way to the right buyers. Sellers just like to be ripped after hearing sweet nothings being spoken to them.

If I were to become a dealer it would have to be at the wholesaler level. And the margins there are already razor thin in many instances.

roadrunner

Lakesammman · April 20, 2007 8:30AM

TDN beat me to it.

The only aspect that appeals to me is going to more shows and having nice stuff walk up to my table and having the opportunity to buy it.

Not enough upside there considering everything else.

RareBronzeCollector · April 20, 2007 8:57AM

I'd never make a good "dealer"... I even hate parting with my duplicates.....

BigMoose · April 20, 2007 9:03AM

I would have a very tough time selling my favorite coins. As whohah said, "How can one possibly make sound business decisions when you love the stuff so much?".

Right now, I think I have the best of both worlds. My profession finances my coin buys, and I get to 5 or 6 of the bigger shows each year--Baltimore three times per year, FUN, usually the Summer ANA Convention. And I get on my good dealer friend's table at these shows, so I am able to buy on dealer days, prowl the bourse, submit coins to the services, and put out a few duplicates for sale as well. At this point, I consider every coin show I attend a vacation and have tremendous fun at these shows, meeting up with old friends and meeting new collectors as well. Now why would I want to mess this up by becoming a coin dealer?

Coxe · April 20, 2007 9:05AM

Trying to figure out where that fine line between a dealer and a pusher is.

TheNumish · April 20, 2007 10:57AM

I have the reverse problem. I'm a coin dealer and can't do much else. If something happens to the coin business maybe I'll be able to deliver pizza or work the toll booth.

Myqqy · April 20, 2007 11:02AM

I bathe every day.

TheNumish · April 20, 2007 11:03AM

For the record I bathe at least once a month.

Longacre · April 20, 2007 11:20AM

<< Right now, the golden handcuffs are keeping me from going full time. My current company pays me too much to leave >>

Stick it to The Man, Veep. Stick it to The Man.

FullStrike · April 20, 2007 11:55AM

I'm just a little sensitive and I couldn't bear the contemptuous demeanor of the public that is usually reserved only for child lestors, mass shooters and car salesmen.

MORGANHUNTER2 · April 20, 2007 11:57AM

I really hate having to sleep in my truck when on the road so much.

MacCrimmon · April 20, 2007 12:16PM

Yep, I actually interviewed with a large numismatic concern, but the pay cut was a double slash across both wrists.

If I was going to do it, it would have been best to take the leap half my life ago. Besides, I can make real good money buying and selling stuff from the US Mint.

Hey, no 10 hours days in the auction room............on a rock hard chair............going blind..............not eating until midnight. I'd consider it for mid-6 figures though, PM me your offers.................in complete confidence, of course.

BigE · April 20, 2007 12:28PM

I can't find an old station wagon that still runs--------------------BigE

I'd like to be a coin dealer, but...

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